British outsourcing firm Mitie Group said it would sell its pest control business to Rentokil Initial for $52.1 million in cash.
As reported by UK-based Pest magazine, the sale comes as no surprise to those who follow the vagaries of such companies. It is well reported that Rentokil has a treasure chest of cash and the stated objective of expanding their pest control business by acquisition.
On the other hand Mitie announced a turn-around plan after poor results in March this year, followed in the same month by the departure of its previous long-term managing director, Peter Trotman.
This was followed by the subsequent appointment of Andy Halsall – a specialist in business transformations, including that of OCS which involved the sale of Cannon Pest Control in January 2017 – also to Rentokil.
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Source: Pest magazine
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